Free CAS Exam 5 (Basic Ratemaking and Reserving) Practice Questions
Every released CAS Exam 5 sitting is free to work through: 326 graded walkthrough questions from the Spring 2013 through Fall 2019 exams with the published examiner's report sample answers and grader commentary, plus 38 lessons and original concept-check questions on ratemaking and reserving. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
In the Bornhuetter-Ferguson (BF) method, how are estimated unpaid claims computed?
🎉
Correct Answer: A
Solution
A is correct. The Bornhuetter-Ferguson method estimates unpaid claims as expected (a priori) claims multiplied by the percentage of claims still unreported, 1−1/CDF. This blends an a priori expected-claims estimate with the development pattern, giving stability when reported data are thin.
Question 2
Medium
In implementing a rating plan, what is the primary purpose of a minimum premium?
🎉
Correct Answer: B
Solution
B is correct. A minimum premium is a floor applied when the premium produced by the rating algorithm is very small. It ensures that every policy contributes enough to cover the fixed expenses and the basic cost of providing coverage, which do not scale down proportionally with a tiny exposure.
Question 3
Hard
An insurer has been materially understating its unpaid claim (reserve) estimates for several years. Which combination of consequences most directly follows from this understatement?
🎉
Correct Answer: C
Solution
C is correct. Reserves are a booked liability, so understating them means recorded liabilities are too low. That inflates reported surplus (equity) and, because incurred losses feed the income statement, overstates earnings as well. If those understated losses also feed the pricing analysis, indicated rates come in too low, so pricing is inadequate. When the true losses eventually emerge, the insurer books adverse development that reverses the illusory gains, potentially straining capital when it is least expected. These interlocking consequences are exactly what is at stake for the insurer and the parties relying on it.
What Investment & Risk candidates are saying
“I actually passed SRM. I found FreeFellow only about a week before my exam, so I didn't have much time to explore everything, but it helped me a lot with reviewing concepts and refreshing my understanding during the final stretch. Resources like this can make a real difference for students preparing for these challenging exams.”
Long N.
“I came across FreeFellow through the FRM subreddit. I was hesitant about signing up, but I'm really glad I did. I especially loved the notes you created; I didn't expect them to be this clear and to the point. It will be my study buddy for both parts.”
Akshaya T.
“I thoroughly enjoyed FreeFellow. I took the exam yesterday and got a preliminary pass. I used it primarily for the question bank, and I likely wouldn't have passed without your product.”
Nick K.
100% free · Every credential · Full access
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your Exam 5 prep are free forever. No trial period, no credit card. Every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
What's Free, and What Fellow Unlocks
The 70% of Exam 5 prep you actually need to pass (questions, solutions, lessons, mixed practice, copy-to-AI essay prompts) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
✓
Free forever
$0 · no credit card
504 practice questions with detailed solutions
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
✦
Fellow unlock
$59 / qtr · $149 / yr per track
Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
How We Compare Save 90%+
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.
FreeFellow core free
$0 · Fellow $59/qtr
Coaching Actuaries
$200–$400/exam
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
✓
504+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
◎
Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
⦿
Readiness TrackingFREE
Pass-probability estimate that sharpens with every session.
✨
Copy-to-AI Essay PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded essay feedback.
✦
Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
⏱
Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
❖
AI Grading for EssaysFELLOW
Instant AI-graded feedback on constructed-response essays using the official rubric.
◆
Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
Dates mark the start of each testing window. Projected dates follow the Casualty Actuarial Society's historical exam cadence for sittings the body has not yet published. Confirm dates and registration deadlines directly with the Casualty Actuarial Society before registering.
Exam date
Status
Register by
Oct 19, 2026
Confirmed
Sep 29, 2026
Apr 26, 2027
Projected
–
Oct 18, 2027
Projected
–
Frequently Asked Questions
How many free Exam 5 practice questions does FreeFellow have?
FreeFellow currently offers 504 free Exam 5 practice questions across 8 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What Exam 5 topics are covered?
The questions cover 8 topics: Ratemaking Data & Exposures, Premium, Loss & Trend Adjustments, Overall Rate Level Indications, Classification & Alternative Rating, Principles, Implementation & Regulation, and 3 more. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for Exam 5 prep, or is there a catch?
No catch. The 70% of Exam 5 prep you actually need to pass is free forever: the full question bank of 504 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for Exam 5?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else (questions, solutions, lessons) stays free.
How does FreeFellow compare to Coaching Actuaries, ASM, or TIA on price?
Traditional Exam 5 prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass Exam 5 entirely on the free tier.
How should I use FreeFellow to study for Exam 5?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What calculator is allowed on Exam 5?
The CAS permits the Texas Instruments TI-30XS MultiView on all exams. No other calculators are allowed.
What is the Exam 5 exam format?
CAS Exam MAS-I is a 4-hour computer-based exam with multiple-choice questions covering probability models, statistics, and regression. It is administered at Prometric testing centers.
FreeFellow is a free exam prep library for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates. The entire question bank, written solutions, and lessons are free for every candidate, with no trial period and no credit card. Every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback; Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass (question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking) is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.